Voce Capital Management LLC lowered its stake in shares of Lumentum Holdings Inc. (NASDAQ:LITE) by 28.4% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 40,644 shares of the technology company’s stock after selling 16,110 shares during the period. Lumentum Holdings comprises approximately 2.2% of Voce Capital Management LLC’s holdings, making the stock its 9th largest position. Voce Capital Management LLC’s holdings in Lumentum Holdings were worth $2,168,000 at the end of the most recent quarter.
Several other large investors have also recently added to or reduced their stakes in the stock. BlackRock Inc. increased its stake in Lumentum Holdings by 151,490.5% in the first quarter. BlackRock Inc. now owns 6,441,080 shares of the technology company’s stock valued at $343,632,000 after buying an additional 6,436,831 shares in the last quarter. Alliancebernstein L.P. increased its stake in Lumentum Holdings by 2,347.2% in the first quarter. Alliancebernstein L.P. now owns 1,837,130 shares of the technology company’s stock valued at $98,011,000 after buying an additional 1,762,060 shares in the last quarter. Wellington Management Group LLP increased its stake in Lumentum Holdings by 702.0% in the first quarter. Wellington Management Group LLP now owns 1,480,805 shares of the technology company’s stock valued at $79,000,000 after buying an additional 1,296,173 shares in the last quarter. Sumitomo Mitsui Asset Management Company LTD purchased a new stake in Lumentum Holdings during the first quarter valued at approximately $55,001,000. Finally, Whale Rock Capital Management LLC purchased a new stake in Lumentum Holdings during the first quarter valued at approximately $51,341,000. Hedge funds and other institutional investors own 95.61% of the company’s stock.
Shares of Lumentum Holdings Inc. (NASDAQ LITE) traded down 0.08% during mid-day trading on Thursday, hitting $62.45. The company’s stock had a trading volume of 1,198,576 shares. The stock’s 50 day moving average price is $56.38 and its 200 day moving average price is $47.00. The company’s market cap is $3.82 billion. Lumentum Holdings Inc. has a 52-week low of $22.04 and a 52-week high of $67.30.
Lumentum Holdings (NASDAQ:LITE) last posted its quarterly earnings results on Thursday, May 4th. The technology company reported $0.49 EPS for the quarter, beating the Zacks’ consensus estimate of $0.37 by $0.12. The business had revenue of $255.80 million for the quarter, compared to analysts’ expectations of $257.22 million. Lumentum Holdings had a positive return on equity of 19.55% and a negative net margin of 3.28%. The business’s quarterly revenue was up 11.0% on a year-over-year basis. During the same period last year, the firm earned $0.32 earnings per share. Equities analysts forecast that Lumentum Holdings Inc. will post $1.90 EPS for the current year.
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Several research analysts recently issued reports on LITE shares. Goldman Sachs Group, Inc. (The) raised Lumentum Holdings from a “sell” rating to a “neutral” rating and lifted their target price for the company from $38.00 to $45.00 in a research report on Thursday, March 16th. Zacks Investment Research cut Lumentum Holdings from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, April 12th. Jefferies Group LLC reaffirmed a “buy” rating and set a $62.00 target price on shares of Lumentum Holdings in a research report on Monday, May 15th. Barclays PLC raised Lumentum Holdings from an “underweight” rating to an “equal weight” rating and lifted their target price for the company from $35.00 to $48.00 in a research report on Friday, May 5th. Finally, Raymond James Financial, Inc. reaffirmed a “buy” rating on shares of Lumentum Holdings in a research report on Tuesday, April 25th. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The company presently has an average rating of “Buy” and a consensus target price of $56.00.
In other Lumentum Holdings news, CEO Alan S. Lowe sold 1,085 shares of the firm’s stock in a transaction dated Tuesday, May 23rd. The stock was sold at an average price of $58.15, for a total transaction of $63,092.75. Following the sale, the chief executive officer now directly owns 143,447 shares of the company’s stock, valued at $8,341,443.05. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, COO Vincent Retort sold 2,029 shares of the firm’s stock in a transaction dated Wednesday, May 17th. The shares were sold at an average price of $54.26, for a total value of $110,093.54. Following the sale, the chief operating officer now directly owns 68,448 shares in the company, valued at $3,713,988.48. The disclosure for this sale can be found here. Over the last three months, insiders have sold 11,813 shares of company stock worth $648,776. Insiders own 0.76% of the company’s stock.
Lumentum Holdings Company Profile
Lumentum Holdings Inc is a provider of optical and photonic products for a range of end market applications, including data communications (Datacom) and telecommunications (Telecom) networking and commercial lasers (commercial lasers) for manufacturing, inspection and life-science applications. The Company operates in two segments: Optical Communications (OpComms) and Commercial Lasers (Lasers).
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